FTX Japan Announces Resumption Of Withdrawals
After the collapse of FTX, a major cryptocurrency exchange, in November 2022, customers of its Japanese subsidiary will be able to resume crypto and fiat withdrawals. The company recently issued a statement that confirmed the withdrawal services would restart at noon in Tokyo. FTX Japan had a total of 14 assets as of February 20, 2023, and the company stated that they have managed customers’ assets separately in accordance with the applicable laws and regulations.
JUST IN: 🇯🇵 FTX Japan resumes fiat and #crypto withdrawals.
— Watcher.Guru (@WatcherGuru) February 21, 2023
Liquid Japan to Manage Withdrawals
FTX has contacted all qualified clients eligible for a withdrawal request, and the cryptocurrency trading firm Liquid Japan will manage the withdrawal procedure. The customers will have to create an account on Liquid Japan and confirm their FTX Japan account balance. FTX issued a warning that the large number of consumers filing withdrawal requests could overwhelm the withdrawal process. The company added that it may take some time to process the requests due to the high concentration of requests from many customers.
Uncertainty for FTX.US Customers
Customers who have transacted business with FTX.US remain uncertain about the recovery of their funds as the exchange continues its bankruptcy process. On the other hand, Japan’s regulators have received praise for their swift and stringent measures to protect the investors’ interests.
The FTX collapse has been one of the most significant events in the crypto space, with several turns in the case. The rest of the FTX community is yet to recover their lost funds, but the Japanese subsidiary’s move to resume crypto and fiat withdrawals is a small relief for FTX customers. The company’s statement emphasized that FTX Japan’s assets are managed separately in accordance with laws and regulations, giving assurance to customers about their assets’ safety.
Call for Regulatory Framework
FTX’s collapse is a reminder of the need for strong regulatory frameworks and investor protection measures in the crypto space. Japan’s regulatory authorities’ swift action to protect investors’ interests will serve as a precedent for other countries as they continue to grapple with the challenges of regulating cryptocurrencies.
